S9E2: Open Banking

As of last week (13th January 2018) the new open banking rules came into force. Also called the Second Payment Services Directive or PSD2, this is a sweeping change to the way banks handle their, for which read YOUR, data. But what are the changes and how will they affect you? And is there anything you need to do now?

This podcast is brought to you with the help of Seven Investment Management, who specialise in multi-asset investing, something I talk about a lot, and which I think should form the core of most people’s investments. 7IM have been helping me out here on MeaningfulMoney for ages, and I'm very grateful.

Open Banking

Yes, big changes are afoot in the world of banking, and more changes are still to come over the next couple of years. All of this means your data will be yours to decide who gets access to it, and therefore how it might be used to make your life easier, cheaper, more flexible. One of the most closed-industries is being opened up to the future, and it is definitely going make a difference to how we manage our finances.

Today I cover the main changes which are happening and explore some of the avenues that might be opened up that you can take advantage of.

Resources mentioned in this episode

And, a full transcript is available if you click the big blue button below:

Share the love

If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below: